510 Cass Avenue, Bay City, MI

14.60% return

SP: $225,000

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Building Main

Property Description

Great Investment Opportunity!!

3 separate multi-family properties with a total of 9 units combined. Separate electric and water meters. No rehab needed. Plenty of parking. Walking distance to the river, shopping, dining, etc. Lots of industry in the area. PROPERTIES WILL GENERATE A 14.60% CAP RATE!! Don't let this one pass by.

Property management and financing available!

Property Information

Listing statusSold
Property typeMulti Family (3 properties)
Total units9
Total bedrooms13
Total bathrooms9
Building size6499 sq. ft.
Lot size1.2 acres
Year built1900

CountyBay County
SubdivisionEdward Ingrahams
ConstructionFrame
RoofAsphalt Shingle
Water sourceCity water
Water disposalSewer
HeatingBoiler, Wall Furnace, Central
CoolingForced Air, Central air

Property Financial Summary

Sale price$225,000
Estimated rehab¹$0
Total investment$225,000

TypeProforma

Gross income (annually)$52,800
Operating expenses (annually)$19,947
Net income (annually)$32,853
Gross return23.47%

Gross income (monthly)$4,400
Operating expenses (monthly)$1,662
Net income (monthly)$2,738
Net return14.60%

Property Income & ExpensesMonthlyAnnual

Income

1001 Marquette Street, Main
Unit 1: 1 bed / 1 bath$400/month$4,800/year
Unit 2: 1 bed / 1 bath$400/month$4,800/year
Unit 3: 1 bed / 1 bath$400/month$4,800/year
1319 Broadway Street, Main
Unit A: 2 bed / 1 bath$550/month$6,600/year
Unit B: 2 bed / 1 bath$550/month$6,600/year
510 Cass Avenue, Main
Unit 1: 2 bed / 1 bath$600/month$7,200/year
Unit 2: 2 bed / 1 bath$600/month$7,200/year
Unit 3: 1 bed / 1 bath$450/month$5,400/year
Unit 4: 1 bed / 1 bath$450/month$5,400/year
Total$4,400/month$52,800/year

Expenses

Property Taxes$381/month$4,571/year
Property Management$643/month$7,716/year
Insurance (estimated)$208/month$2,500/year
Lawn care$75/month$900/year
Gas Utility Bill$18/month$210/year
Maintenance reserve$188/month$2,250/year
Water bill$150/month$1,800/year
Total$1,662/month$19,947/year

Property Questions & Answers

Q: How do I make an offer on this property?
A: Placing an offer is a simple process. All offers must be presented in writing with an escrow deposit of 10% or $5,000, whichever is larger. Escrow has to be sent to the attorney or title company who is handling the file for this property. Please send us an inquiry and one of our team members will get in touch with you to further assist you. You can also give us a call.

Q: Does this property come with clear title?
A: All our properties come with clear title. We highly recommend you purchase title insurance as well.